Hibernia REIT has agreed terms with FBD Holdings for the early surrender of the insurance group's leasehold interest in Guild House in Dublin's IFSC for a cash payment of €8.8m.
The lease had been due to expire at the end of March 2025.
FBD has sub-let the entire building to a number of tenants. With the exception of BNY Mellon, all the leases are due to expire in the first quarter of 2017.
"This transaction enhances our options for the building and also for the adjoining Commerzbank House, which we are currently refurbishing," commented Kevin Nowlan, CEO of WK Nowlan REIT Management Limited, the Investment Manager for Hibernia REIT.
